Tag Archives: China

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Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 gazetted

     The Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 (Commencement Notice) was gazetted today (October 10) to appoint January 1, 2025, as the commencement date for Parts 3 and 5 of the Banking (Capital) (Amendment) Rules 2023 (BCAR).
 
     The BCAR was approved by negative vetting of the Legislative Council in February 2024. Its main purpose is to incorporate the Basel III final reform package promulgated by the Basel Committee on Banking Supervision (BCBS) into local legislation. Part 3 of the BCAR provides for amendments in relation to credit risk, the output floor, operational risk and sovereign concentration risk. Part 5 of the BCAR deals with amendments in relation to market risk and credit valuation adjustment (CVA) risk.
 
     A Government spokesperson said, “The full implementation of Basel III standards will ensure the resilience of our banking system to financial shocks, and reinforce Hong Kong’s status as an international financial centre.”
 
     A Hong Kong Monetary Authority (HKMA) spokesperson said, “The HKMA has given due consideration to the views of the banking industry in determining the local implementation timeline for the Basel III final reform package. Its full adoption will ensure that the regulatory framework in Hong Kong remains aligned with international standards agreed by the BCBS.”
 
     The Commencement Notice will be tabled before the Legislative Council next Wednesday (October 16) for negative vetting.  read more

Public encouraged to build mental health-friendly work environment in support of World Mental Health Day 2024

     The Department of Health (DH) today (October 10) supports World Mental Health Day 2024 and encourages members of the public to collaboratively create a mental health-friendly work environment inclusive of and accepting persons in mental recovery. 

     The World Federation for Mental Health has designated October 10 annually as World Mental Health Day to raise global awareness and mobilise efforts in support of mental health. World Mental Health Day 2024, with the theme “It is time to Prioritise Mental Health in the Workplace”, encourages employers and employees to champion mental health in the workplace. Sixty per cent of the global population is in employment and employees spend 60 per cent of their time in the workplace. Mental health issues, such as depression and anxiety, are pervasive in workplaces globally, impacting productivity, attendance, and overall performance of employees.

     Good mental health means not only the absence of mental disorders, but also the ability to cope with normal stressors in life, realise one’s potential, and contribute to society. A mental health-friendly work environment can benefit both employers and employees in many ways, including enhanced talent attraction and retention for employers, elevated work performance and productivity for employees, as well as increased public recognition and support for the company or organisation. 

     Employers and employees can collaboratively create a mental health-friendly workplace environment through different measures, including adjusting office hours and encouraging staff to seek early professional help if needed. Enterprises or organisations should firmly avoid discriminatory and labelling practices. After appropriate treatment, persons in mental recovery can also perform well in workplace, co-operate with colleagues and contribute to the team. The Government encourages private, public, educational and non-governmental organisations to sign the Mental Health Workplace Charter organised jointly by the Department of Health, the Labour Department and the Occupational Safety and Health Council to promote mental health in the workplace in order to improve the general mental health of employees in their workplace as well as the organisation’s productivity.

     Employees experiencing mental distress from depression or anxiety should seek early assistance. They can call the Government-fully-funded, one-stop Mental Health Support Hotline 18111 to obtain immediate emotional and mental health support as well as appropriate referral depending on the individual’s need. Separately, the Government launched the Healthy Mind Pilot Project at three District Health Centre (DHC)/District Health Centre Expresses in August this year to offer free initial mental health assessments to members of the public on a trial basis at the community level. Members preliminarily assessed to have mild symptoms of depression or anxiety will be referred to non-governmental organisations for further assessment and follow-up, so that they can receive appropriate support at an early stage. For details, please refer to the website of DHC (www.dhc.gov.hk/en/mental_health).

     The Advisory Committee on Mental Health and the DH have jointly implemented a mental health promotion and public education initiative “Shall We Talk”, with an aim to step up public awareness of mental well-being. The “Shall We Talk” initiative provides mental health-related information through an array of channels, such as a one-stop dedicated website, social media pages and campaigns, TV and radio programmes, as well as various offline events. Apart from providing the public with information on mental health and advice on dealing with mental distress, the one-stop website also compiles a series of mental health hotlines and support services to enable those in need to seek help. For more information on mental health, please visit www.shallwetalk.hk. read more

Red fire danger warning

Attention duty announcers, radio and TV stations:

     The fire danger situation today (October 10) is red and fire risk is extreme. The countryside is extremely vulnerable to fire. If you are planning to spend the day in the countryside, please take pre-cooked food for a picnic and take all measures to prevent hill fires. The penalty for lighting fires illegally in the countryside is $25,000 and a year’s imprisonment.
  read more

Bus parade to engage with public to witness bus development and celebrate National Day

     The Transport Department (TD) today (October 10) announced the route and details of the Bus Parade for Celebrating the 75th Anniversary of the Founding of the People’s Republic of China.
 
     The Hong Kong Special Administrative Region Government will hold the bus parade amid the National Day celebrations on October 19, engaging with the public to witness the development of bus services to celebrate the occasion. Co-organising the event, the franchised bus operators will present a total of eight retired and in-service buses with an open-top bus themed on the 75th National Day to lead the parade.
 
     Starting at around 11am on that day, the parade buses will depart from Victoria Park in Causeway Bay for Man Kwong Street via Gordon Road, King’s Road, Causeway Road, Hennessy Road, Fleming Road and Lung Wo Road (parade route map in Annex). The route is about 6 kilometres long and will take about 30 minutes to complete. Members of the public can enjoy the parade along the route and take photos at the best viewing locations, such as Hennessy Road near Jardine’s Bazaar in Causeway Bay, Golden Bauhinia Square in Wan Chai, and the destination at Central Pier, to share in the joy of National Day.
 
     During the parade, the Police will lead the convoy and implement appropriate traffic arrangements and crowd safety management measures subject to on-site traffic and crowd conditions. The TD appeals the public and motorists to follow instructions of the Police and to keep in view the latest traffic news.
 
     For safety reasons, in case of adverse weather, the bus parade will be cancelled. The public should refer to the TD’s website (www.td.gov.hk) and Agent T Facebook page (www.facebook.com/AgentT.hk) for the latest updates. read more